Investing.com – Window shopping is dead.
Macy’s shares dropped 6.3%, Kohl’s 6.5% and Nordstom’s 5.6% as investors appear to agree with analyst Jay Sole.
“Brands have to generate their own audiences and become destinations,” Kiplinger reported Sole as saying.
Sole suggests several brands that can “go it alone,” including: Nike (NYSE:NKE), Levi Strauss & Co Class A (NYSE:LEVI), Skechers USA Inc (NYSE:SKX), American Eagle (NYSE:AEO), PVH (NYSE:PVH), Capri Holdings (NYSE:CPRI), Canada Goose Holdings Inc (NYSE:GOOS) and Deckers Outdoor (NYSE:DECK).
While many think next year will be a rebound for department stores should the pandemic end, “while we agree the pandemic ending will help, we don’t think it will get Department Store earnings close to FY19 levels,” Sole said.
Macy’s has no buy ratings, four holds and six sells, to Kohl’s three buys, six holds, and one sell, according to data compiled by Investing.com. Nordstrom’s has no buys, five holds and two sells.